Supreme Court · 1987 INSC 108 · Decided 14 April 1987
Commissioner of Income Tax, U.P. v. Shah Sadiq and SONS.
- Court
- Supreme Court of India
- Citation
- 1987 INSC 108 · [1987] 2 S.C.R. 942
- Case number
- CIVIL APPEAL No. 1598/1974
- Decided
- 14 April 1987
- Bench
- SABYASACHI MUKHERJI, S. NATARAJAN (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 75(2)
Headnote
c Income Tax Act, 1922/lncome Tax Act, 1961-S. 24/s. 297- Losses-Right to carry forward~Accrued under 1922 Act-Whether a vested right-Whether saved by 1961 Act. General Clauses Act, 1897-s. 6(c)-Effect of-On vested rights. Statutory Interpretation-'Saving provision' of statute-Construc­ tion The assessee, a partnership firm, enjoyed the status of a regis- tered firm for the assessment years 1960-61, 1961-62 and 1962-63. In the assessment proceedings for the year 1962-63 the assessee claimed that a loss of Rs.60,054 suffered in the speculation business in the assessment year 1960-61
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